Gold prices fall, as consumer confidence rebounds, Facebook revenue fails to meet expectations [Video]

Eliman Dambell Sayvio AI

Gold prices fall, as consumer confidence rebounds

The price of Gold fell earlier in Tuesday’s session, as consumer confidence in the United States unexpectedly rebounded.

Figures from the Conference Board reported that its consumer confidence index climbed to 113.8 in October, after finishing at 109.8 September.

Today’s reading ends three consecutive months of declines, and surpasses market expectations for a 108.3 dip.

Gold prices dropped on the news, with XAUUSD hitting an intraday low of $1,782, after opening the session trading at $1,807.

In addition to the Dow Jones, the S&P 500 was also higher, trading marginally higher as of writing.

Facebook revenue fails to meet expectations

Facebook shares were trading lower today, as the company reported its Q3 earnings after yesterday’s closing bell.

The tech giant reported revenue for the quarter came in at $29.01 billion versus expectations of $29.57 billion.

One positive however was earnings, which beat forecasts, coming in at $3.22 per share, better than the expected sum of $3.19.

In addition to this, the company stated it was focusing more on a younger audience, with CEO Mark Zuckerberg stating that,“Over the last decade as the audience that uses our apps has expanded so much and we focus on serving everyone, our services have gotten dialed to be the best for the most people who use them rather than specifically for young adults”.

The company aims to invest more in developing its “reel” based content, in a bid to compete further with TikTok in attracting the 18 - 29 age group.

As of writing, $FB was trading 5.08% lower.

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Author

Eliman Dambell

Sayvio AI

With over a decade in financial markets, Eliman brings an experienced and diversified point of view to market analysis. He covers current and historical macro trends to give insights on Metals, FX, Stocks, and Crypto.

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